AUD/USD Aims Higher While NZD/USD Faces Resistance
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AUD/USD is moving above the 0.6950 resistance. NZD/USD is struggling to break a key barrier near the 0.6250 resistance.
Key takeaways AUD/USD and NZD/USD
· The Aussie Dollar started a fresh rally above the 0.6950 resistance area against the US Dollar.
· A short-term contracting triangle is forming on the AUD/USD hourly chart with support near 0.6955.
· NZD/USD started an upward correction from the 0.6160 support area.
· A connecting bearish trendline is forming on the hourly chart of NZD/USD with resistance near 0.6230.
AUD/USD Technical Analysis
The Aussie Dollar formed a bottom above 0.6850 and 0.6860 against the US Dollar. The AUD/USD pair started a steady uptrend as it cleared the 0.6900 resistance area.
There was a clear move above the 0.6920 resistance and the 50-hour simple moving average. The pair even broke the 0.6950 fence and went as high as 0.6991 at the FXOpen. There was a small bearish correction below the 0.6980 level recently.
The pair fell below the 23.6% Fib retracement level on the rise from the 0.6879 swing to the 0.6991 high. However, the pair remained above the 0.6950 level and the 50-hour simple moving average.
The AUD/USD hourly chart also has a short-term contracting triangle with support near 0.6955. On the downside, initial support is near the 0.6955 level.
The next support could be the 0.6935 level. It is near the 50% Fib retracement level on the upside from the 0.6879 swing to the 0.6991 high. If there is a move below the 0.6935 support, the pair may continue its decline towards the 0.6850 level.
On the upside, the AUD/USD pair faces resistance near the 0.6975 level. The next major resistance is near the 0.7000 level. Above the near 0.7000 level could start a steady uptrend in the near term. The next major resistance could be 0.7080.
NZD/USD Technical Analysis
The New Zealand dollar did not follow a similar path against the US dollar. The NZD/USD pair formed a bottom above the 0.6160 level and recently started an upward correction.
There was a clear move above the 0.6200 resistance and the 50-hour simple moving average. The pair even cleared the 0.6220 resistance and traded at 0.6250. There was a recent bearish correction below the 0.6220 level.
The pair broke below the 50% Fib retracement level on the rise from the 0.6162 swing to the 0.6250 high. However, the pair remained above the 0.6200 level and the 50-hour simple moving average.
The pair remained above the 61.8% Fib retracement level on the rise from the 0.6162 swing to the 0.6250 high. On the upside, initial resistance is near the 0.6230 level. The NZD/USD hourly chart also has a connecting bearish trendline with resistance near 0.6230.
The next major resistance is near the 0.6250 level. A clear move above the 0.6250 level might even push the pair towards the 0.6300 level.
If not, the pair may continue to decline below 0.6200. The next support could be the 0.6160 zone. If there is a downside break below the 0.6160 support, the pair may continue its decline towards the 0.6100 level.
This forecast represents the opinion of FXOpen Markets Limited only and should not be construed as an offer, invitation or recommendation of FXOpen Markets Limited’s products and services or as financial advice.
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